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Passive income is a little trickier as many people describe it as almost exactly the exact same thing as residual income. I personally describe passive income as where you continually generate money from a source/investment that does not require direct involvement from yourself. So an example might be state a business that I initially started and now that I have all the necessary talent and structure in place the business itself functional where I dont even need to be there for it to continually expand into new areas and generate revenue.

There are probably a bunch of different definitions for of all of these depending on who you talk to, but I think that the important thing is to recognize that there are different types of income and the further you teach and understand it in general the better youll be in recognizing the different opportunities that are out there. .

I've talked about my journey extensively on my website The Money Flow Lifestyle - When your passive income exceeds your expenses, you are free to live the life you select.  , so I will only recap somewhat below so as not to give you. But don't hesitate to have a look at the website, or just this post for a bit more information: Back When I Was Lucky: Unemployed, In Debt, And Living With My Parents - The Money Flow LifestyleBought a three bed 2 bathroom condoRented out 2 of the roomsThat rent paid for my mortgage allowing me to save money and reside in a place for free.Bought a house with 3 bedrooms.

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Update: two possessions. 5 rooms rented. My room paid for and money in my pocket. Timing was huge for me personally, however, as I was able to purchase a few foreclosure  for VERY cheap in Phoenix during the housing bust, therefore in addition to my original possessions I acquired a couple more investment-only rentals.

One month I specifically remember an AC unit breaking so I needed to substitute one with my rents that month. This meant I didn't make any rental income which month. But it was a month in which my dividends hit and for the very first time the dividend paymen was HIGHER than my rents.

I knew it was possible and it would eventually happen, but when it really did it was incredible. I semi retired at this point with rents and divdends coming in to pay for my life as long as I didn't go crazy. I could travel and spend my days since I pleased.

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I realized I loved building things and have since become a serial entrepreneur of sorts. Getting married and having kids also raised my necessity for increased income. However, I focus on increasing my passive income, each month. I want to earn more money next month than I did this month, every single month.

The secret is to keep your expenses low, and then even lower. Passive income is really tough to generate and it can be squandered with a dumb purchase and now you are back to square one net-net. Don't chase quick, quick, easy returns. Every dollar dropped is really hundreds of dollars over the next 30 decades.

I have outlined a lot of these stages and lessons on my site If you are interested for more detail, hope this was helpful. The Money Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you select. .

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Perth Passive Income Networking Group is a set of positive minded and conscious entrepreneurs that are interested in creating multiple streams of passive income.I am sure you know click this link the quotation along the lines of you are the average of the five people you spend the most time with by combining our thoughts and skills we can all positively influence each other to succeed.

No selling! - if you've got a strategy that you want to sell on to individuals this is NOT the set for you.Keep up to dateFacebook (.

Everyone needs more than one source of income, but there are only 24 hours in a day to work. Passive Income will let you make money while you sleep, will take the pressure off of you and help you live an easier life. Here are 4 passive income ideas that will assist you create your first $20,000 or more online. .